San Francisco! Oh, My!

I hope all members who live or work near the massive wildfire areas are okay...

Things are not to be judged good or bad merely because the public think so. - Tacitus

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Horrible timing. This is a bad year for CA.

SF and CA, as a whole, has seen a mass exodus this year.

The state is bankrupt and is now proposing a wealth tax on citizens (not just income, but on total asset wealth). Very troubling.
Or "San Francisco, Holy Crap!"
[www.sfgate.com]

"Let me offer you my definition of social justice: I keep what I earn and you keep what you earn. Do you disagree? Well then tell me how much of what I earn belongs to you - and why?” ~Walter Williams
@shoptastic wrote:

Horrible timing. This is a bad year for CA.

SF and CA, as a whole, has seen a mass exodus this year.

The state is bankrupt and is now proposing a wealth tax on citizens (not just income, but on total asset wealth). Very troubling.

The proposed wealth tax would add a .4 percent tax on a taxpayer's net worth for net worths that exceed $30 million, which estimates say will affect fewer than 31,000 Californians.

First; I'm shocked that there are over 30,000 people in CA worth that much.

Second; Who cares? How is this troubling in any way to a mystery shopper?

This is a bad year for entire world. The "mass exodus" from CA is not made up of billionaires...it's mainly workers with no jobs.
@SteveSoCal wrote:

The proposed wealth tax would add a .4 percent tax on a taxpayer's net worth for net worths that exceed $30 million, which estimates say will affect fewer than 31,000 Californians.

First; I'm shocked that there are over 30,000 people in CA worth that much.

Second; Who cares? How is this troubling in any way to a mystery shopper?
Not "troubling" as a mystery shopper. I was just commenting on the troubling state of finances for CA, in general, SSC.

a.) CA has proposed to the raise the state income tax (already the highest in the U.S.) from 13.3% to 16.8% for its highest bracket.
b.) CA has proposed a .4% annual wealth tax that applies to former residents who lived there 10 or less years AGO and to current residents for 10 years AFTER they leave. Yes, the rate is reduced 10% for every year removed, but still . . .How can you tax someone 10 years later?

I'm not an expert on the details, but the latter question got explosive commentary on Twitter when I first learned about it. Seems like a crazy rule that wouldn't really get Constitutionally passed, but combined with proposals/talk of major tax hikes would spur wealthier residents to leave and discourage wealthier ones from coming.
@ wrote:

This is a bad year for entire world. The "mass exodus" from CA is not made up of billionaires...it's mainly workers with no jobs.
My focus wasn't on billionaires, but merely the fact that lots of people are leaving CA.

Edited 1 time(s). Last edit at 09/10/2020 06:28PM by shoptastic.
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